Mentratech Limited Filleted accounts for Companies House (small and micro)

MENTRATECH LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 5945204

Mentratech Limited

Filleted Unaudited Financial Statements

24 March 2021

Mentratech Limited

Financial Statements

Year ended 24 March 2021

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 7

Mentratech Limited

Statement of Financial Position

24 March 2021

	2021	2020
Note	£	£

Fixed assets

Intangible assets	5	4,643	5,572
Tangible assets	6	489	652
		-------	-------
		5,132	6,224

Current assets

Debtors	7	30,645	29,486
Cash at bank and in hand		5,090	319
		--------	--------
		35,735	29,805

Creditors: amounts falling due within one year	8	( 25,719)	( 25,151)
		--------	--------
Net current assets		10,016	4,654
		--------	--------
Total assets less current liabilities		15,148	10,878

Creditors: amounts falling due after more than one year	9	( 21,771)	( 13,371)

Provisions

Taxation including deferred tax	10	( 93)	( 124)
		--------	--------
Net liabilities		( 6,716)	( 2,617)
		--------	--------

Capital and reserves

Called up share capital	12	1	1
Profit and loss account		( 6,717)	( 2,618)
		-------	-------
Shareholders deficit		( 6,716)	( 2,617)
		-------	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 24 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Mentratech Limited

Statement of Financial Position (continued)

24 March 2021

These financial statements were approved by the board of directors and authorised for issue on 9 December 2021 , and are signed on behalf of the board by:

Dr J E Jones
Director

Company registration number: 5945204

Mentratech Limited

Notes to the Financial Statements

Year ended 24 March 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Fron, Ffair Rhos, Ystrad Meurig, Ceredigion, SY25 6BP.

2. Statement of compliance

These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The director has a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	16% reducing balance

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Office Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Tax on (loss)/profit

Major components of tax (income)/expense

	2021	2020
	£	£

Current tax:

UK current tax (income)/expense	( 247)	3,947

Deferred tax:

Origination and reversal of timing differences	( 31)	( 24)
	----	-------
Tax on (loss)/profit	( 278)	3,923
	----	-------

5. Intangible assets

	Goodwill
	£
Cost
At 25 March 2020 and 24 March 2021	69,000
	--------
Amortisation
At 25 March 2020	63,428
Charge for the year	929
	--------
At 24 March 2021	64,357
	--------
Carrying amount
At 24 March 2021	4,643
	--------
At 24 March 2020	5,572
	--------

6. Tangible assets

	Office Equipment	Total
	£	£
Cost
At 25 March 2020 and 24 March 2021	16,861	16,861
	--------	--------
Depreciation
At 25 March 2020	16,209	16,209
Charge for the year	163	163
	--------	--------
At 24 March 2021	16,372	16,372
	--------	--------
Carrying amount
At 24 March 2021	489	489
	--------	--------
At 24 March 2020	652	652
	--------	--------

7. Debtors

	2021	2020
	£	£
Trade debtors	975	975
Other debtors	29,670	28,511
	--------	--------
	30,645	29,486
	--------	--------

Other debtors include an amount of £Nil (2020 - £Nil) falling due after more than one year.

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	2,711	2,710
Corporation tax	18,342	18,258
Social security and other taxes	3,966	3,833
Other creditors	700	350
	--------	--------
	25,719	25,151
	--------	--------

9. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts (secured)	21,771	13,371
	--------	--------

10. Provisions

	Deferred tax (note 11)
	£
At 25 March 2020	124
Charge against provision	( 31)
	----
At 24 March 2021	93
	----

11. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2021	2020
	£	£
Included in provisions (note 10)	93	124
	----	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	2021	2020
	£	£
Accelerated capital allowances	93	124
	----	----

12. Called up share capital

Issued, called up and fully paid

	2021		2020
	No.	£	No.	£
Ordinary shares of £ 1 each	1	1	1	1
	----	----	----	----

13. Related party transactions

The company was under the control of Dr J E Jones throughout the current and previous year. Dr J E Jones is the managing director and majority shareholder. At the year end the company was owed £29,670 (2020 - £28,511) from Dr J E Jones , the managing director.